The only sure thing in death is taxes. Because even after death, someone must compute the tax liability for the deceased taxpayer. Moreover, at the taxpayer's death, a separate taxable entity -- the decedent's estate -- is created. The estate is liable for the tax on the income received during the period of its administration. Trusts created by the decedent's will are taxed as separate entities. In addition, there may be a taxable estate that will be subject to a transfer tax when paid out to the beneficiaries.
This seminar presents the fundamental rules for preparing the final returns of the decedent--Form 1040, Form 1041, and Form 706.